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a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry reid predicted the economy would go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses ithe final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was down only 18 points, bouncing back from a triple digit loss, the nasdaq lost four, and the s&p slipped almost two points. so what happens next? and can lawmakers prevent an economic crisis by agreeing on a fiscal cliff deal? darren gersh reports. >> reporter: here is a measure of how bad things are now in washington. markets rallied on news the house will come back to work on sunday, even though there is no solution ready for lawmakers when they return. and in the senate, which is back at work, republican leader mitch mcconnell warned he would not write a blank check to the white ho
a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry reid predicted the economy would go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses ithe final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was...
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that, in short, summed up the state of affairs in washington today as the fiscal cliff deadline loomed, january first. it would mean more than $600 billion in across-the-board tax increases and automatic spending cuts. >> come the first of this year, americans will have less income than they have today. if we go over the cliff, and it looks like that's where we're headed. >> warner: this morning, the senate's democratic majority leader, harry reid, was blunt about chances for a deal. and he blamed house speaker john boehner. just before christmas, boehner floated his so-called "plan b"-- letting taxes rise on millionaires. but faced with opposition in republican ranks, he pulled it, and sent the house home for the holiday. reid charged today politics explained why the speaker had not yet called the house back. >> john boehner seems to care more about keeping his speakership than keeping the nation on a firm financial footing. it's obvious what's going on. he's waiting until january 3 to get reelected to speaker before he gets serious about negotiations. >> warner: a boenhner spokesman
that, in short, summed up the state of affairs in washington today as the fiscal cliff deadline loomed, january first. it would mean more than $600 billion in across-the-board tax increases and automatic spending cuts. >> come the first of this year, americans will have less income than they have today. if we go over the cliff, and it looks like that's where we're headed. >> warner: this morning, the senate's democratic majority leader, harry reid, was blunt about chances for a...
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danielle nottingham, cbs news, washington. >>> teetering on the fiscal cliff is given wall street a case of vertigo. the markets plummeted early, but the dow regained most of its 150-point lost. >>> a former bay area city councilman is about to learn first hand how washington works or doesn't. he's a newly elected congressman and heading into the capitol hill quagmire. juliette goodrich talked to stallwell about his plan to fix our fiscal ills. >> let's face it. you're the freshman walking in. >> reporter: 31-year-old newly elected eric swalwell says if the 112th congress can't figure out the fiscal cliff, he's ready to bring some small town solutions to capitol hill. >> so you really think you can take the city of dublin politics to washington and it's gonna work? >> at the end of the day, it's about personal relationships, trust, working together for the people who elected you. >> reporter: swalwell was a dublin city councilman and said he had to work with republicans in other words to pass the city budget. he says it's the same kind of compromise strategy in washington. >> i'm confide
danielle nottingham, cbs news, washington. >>> teetering on the fiscal cliff is given wall street a case of vertigo. the markets plummeted early, but the dow regained most of its 150-point lost. >>> a former bay area city councilman is about to learn first hand how washington works or doesn't. he's a newly elected congressman and heading into the capitol hill quagmire. juliette goodrich talked to stallwell about his plan to fix our fiscal ills. >> let's face it. you're...
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bob pr profusek. >> susie: the price of gold fell slightly today, as the fiscal cliff drama in washington continues to weigh on markets and confidence. gold slipped almost $8 to $1,655. for the year, gold is up about 5%, half the gain in the s&p 500. but as erika miller reports, some gold bugs believe next year will be far better for the precious metal. >> reporter: if you got gold jewelry as a holiday gift, it may be more than something beautiful to wear. it may also prove to be a shining investment. some gold traders think the yellow metal could hit $2,000 an ounce next year. the reason? >> monetary easing. all these governments have debt and there's only one way to pay it back and it's to devalue their own currency. and it's a race to the bottom. >> reporter: there are other factors that could also help support gold prices. central banks worldwide have been boosting their gold holdings to diversify their portfolios, and protect against inflation. this year, central banks bought roughly 500 metric tons of gold, up 8% from last year. in addition, many small investors are buying gold as a
bob pr profusek. >> susie: the price of gold fell slightly today, as the fiscal cliff drama in washington continues to weigh on markets and confidence. gold slipped almost $8 to $1,655. for the year, gold is up about 5%, half the gain in the s&p 500. but as erika miller reports, some gold bugs believe next year will be far better for the precious metal. >> reporter: if you got gold jewelry as a holiday gift, it may be more than something beautiful to wear. it may also prove to...
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cliff in washington. president obama has called the top congressional leaders to the white house this afternoon, for the first talks in more than a month. but hope for a new deal is fading. just yesterday, the senate majority leader is accusing the speaker of running a dictatorship if there's no deal within four days. just about every american will see their taxes go on up. >>> and this morning, more snow is threatening to make holiday travel difficult for millions of americans. as sam has been telling us, snow is falling across the upper midwest and will be moving into the northeast tomorrow. meantime, the recovery from the last storm is just beginning. 135,000 homes and businesses still without power in arkansas alone. many of them could be in the dark through next week. >>> and this morning, russian president vladimir putin has signed a highly controversial bill which bans americans from adopting russian children. dozens of pending adoptions now frozen, even cases where children -- this is heartbreakin
cliff in washington. president obama has called the top congressional leaders to the white house this afternoon, for the first talks in more than a month. but hope for a new deal is fading. just yesterday, the senate majority leader is accusing the speaker of running a dictatorship if there's no deal within four days. just about every american will see their taxes go on up. >>> and this morning, more snow is threatening to make holiday travel difficult for millions of americans. as sam...
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>> are both parties determined to go over the fiscal cliff together? let's bring in our washington correspondent for more on this. what can you tell us about the meeting coming up in less than an hour? what will the president talking about with the republican leadership? >> there are only six people who really know what is going on, and what will really happen at the white house, and they will not talk, but i expect them to talk about higher taxes for the wealthy. are the republicans willing to accept that? they will also talk about entitlement spending cuts. are the democrats willing to accept that the government will spend less money? if this is the case, then they might find common ground. one important issue, of course, is going to be the members of the tea party. they are saying compromise is a bad word. of course, it will be difficult for them to find a compromise, to bring them into the boat. >> we had the meeting today. we have the special session on sunday. do you expect a compromise, or are we going over the cliff? >> this is really difficult
>> are both parties determined to go over the fiscal cliff together? let's bring in our washington correspondent for more on this. what can you tell us about the meeting coming up in less than an hour? what will the president talking about with the republican leadership? >> there are only six people who really know what is going on, and what will really happen at the white house, and they will not talk, but i expect them to talk about higher taxes for the wealthy. are the...
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they would have a little more than 24 hours to vote on a measure to avoid the fiscal cliff. danielle nottingham, cbs 2 news washington. >> a former bay area city councilman is about to learn firsthand how washington works or doesn't. he's a newly elected congressman and heading into a capitol hill quagmire. how the representative elect plans to help fix our fiscal ills. >> you're the freshman walking in. >> i'm ready to act. >> reporter: 31-year-old newly elected democratic congressman says if the 112th congress can't figure out the fiscal cliff. >> it is avoidable. >> reporter: he's ready to bring some small town solutions to capitol hill. so you really think you can take the city politics to washington and it's going to work? >> it's about personal relationships, trust, working together for the people who elected you. >> reporter: he was a dublin city councilman and said he had to work with republicans in order to pass a city budget. he says it's the same kind of compromise strategy in washington. >> i'm confident there can be a buzzer beater where we can beat the clock an
they would have a little more than 24 hours to vote on a measure to avoid the fiscal cliff. danielle nottingham, cbs 2 news washington. >> a former bay area city councilman is about to learn firsthand how washington works or doesn't. he's a newly elected congressman and heading into a capitol hill quagmire. how the representative elect plans to help fix our fiscal ills. >> you're the freshman walking in. >> i'm ready to act. >> reporter: 31-year-old newly elected...
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fiscal cliff. the precious metal settled $3 higher at $1,663 an ounce. gold prices are on pace for an annual rise of about 6%, the smallest annual gain since 2008. and, supply concerns pushed palladium prices to a nine-month high. investors are worried that tight supplies from the world's top two producers and steady demand from the auto sector could mean higher prices in 2013. it settled at $708 an ounce: over the past year the metal has rising about 7.5%. and finally, for the second day in row the ishares emerging market e.t.f. ended higher. and that's tonight's "market focus." >> susie: once upon a time, holiday shopping meant countless trips to the mall. but this year, more and more people purchased their gifts using smartphones and tablets. erika miller takes a closer at how mobile technology is transforming retail. >> reporter: holiday shopping used to mean walking from store to store, and waiting on long lines. but nowadays, many people are only to happy to let their fingers do the work. >>
fiscal cliff. the precious metal settled $3 higher at $1,663 an ounce. gold prices are on pace for an annual rise of about 6%, the smallest annual gain since 2008. and, supply concerns pushed palladium prices to a nine-month high. investors are worried that tight supplies from the world's top two producers and steady demand from the auto sector could mean higher prices in 2013. it settled at $708 an ounce: over the past year the metal has rising about 7.5%. and finally, for the second day in...
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it's very important that washington starts working out deals right away so that the fiscal cliff can be history, and we can focus on building factories, higher people, growing. dagen: well, they are not listening to you, drew. i hate to break it to you. in the interim, your company makes wire baskets and does sheet metal fabrication. based on what you see, how much of your own customers pulled back? have you seen layoffs? have you seen spending cuts ahead of the lack of a deal? >> we are seeing many clients pause. we're seeing many clients, particularly in the military, stop ordering. our military sales have plummeted because everybody's concerned about sequestering, and what that's doing is causing a negative ripple effect throughout the economy. you know, the prior guest, senator dorgan, mentioned in the future there could be problems. the problems are already happening. people are adjusting. people are making budgets now for next year, and what they are doing is deflating home people to hire next year. that's not positive. that's not going to end the recession. we need a bold plan
it's very important that washington starts working out deals right away so that the fiscal cliff can be history, and we can focus on building factories, higher people, growing. dagen: well, they are not listening to you, drew. i hate to break it to you. in the interim, your company makes wire baskets and does sheet metal fabrication. based on what you see, how much of your own customers pulled back? have you seen layoffs? have you seen spending cuts ahead of the lack of a deal? >> we are...
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the fiscal cliff is big talk in washington. i'm tracey mitchell. all of the details, just ahead. >> a port strike could paralyze the eastern seaboard. i'm kim dacey with details [captioning made possible by constellation energy group] captioned by the national captioning institute --www.ncicap.org-- >> good morning. welcome back to 11 news today. i'm jennifer franciotti. meteorologist ava marie has a quick look at the forecast, which includes snow. >> tomorrow includes snow but today it is quiet. 33 at the airport with winds west at 3 miles an hour. temperatures across the metro area -- 34 in pasadena. 33 in edgewood. highs in the upper 30's to the low 40's. much less win. it makes all the difference. and you will not have to worry about the concerns to to the strong winds yesterday. but the approaching storm could bring accumulating snow. i will have the snow map when we come back. >> the clock is ticking on the fiscal cliff. the deadline just four days away. the president has cut his vacation short and they will meet sunday for a rare session to
the fiscal cliff is big talk in washington. i'm tracey mitchell. all of the details, just ahead. >> a port strike could paralyze the eastern seaboard. i'm kim dacey with details [captioning made possible by constellation energy group] captioned by the national captioning institute --www.ncicap.org-- >> good morning. welcome back to 11 news today. i'm jennifer franciotti. meteorologist ava marie has a quick look at the forecast, which includes snow. >> tomorrow includes snow...
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economy will over the so- called fiscal cliff. >> we are here in washington working while the members of the house of representatives are out watching movies and watching their kids played soccer and basketball and doing all kinds of things. they should all be here. i told the president that i would be happy to look at what ever he proposes but the truth is we are coming up against a hard deadline here and as i said this is the conversation that we should have had months ago. >> democrats want to extend the bush era tax cuts to everyone except those americans making too much as $50,000 or more a year. if many republicans remain against any tax increases. >> former president george agent w. bush is still in intensive care at a houston hospital this morning. the former president's family is confident that he will be out of the i see you soon. the 88 year-old has been in the hospital for more than a month, after first coming down with bronchitis. >> it is nine 07 a.m.. we will be right back. there has been a major news from the gulf of mexico. here's a live look at walnut creek. it is a
economy will over the so- called fiscal cliff. >> we are here in washington working while the members of the house of representatives are out watching movies and watching their kids played soccer and basketball and doing all kinds of things. they should all be here. i told the president that i would be happy to look at what ever he proposes but the truth is we are coming up against a hard deadline here and as i said this is the conversation that we should have had months ago. >>...
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. >>> coming up after your local news on "cbs this morning," an update on washington's fiscal cliff negotiations. we'll hear from republican senator bob corker, plus the damaging economic strikes looming at more than a dozen of our nation's forts. >>> a guy getting fit will sit with the best-selling authors of "fit" this year. that's the "cbs morning news" for this friday. thanks for watching. i'm duarte geraldino. have a great day. -- captions by vitac -- www.vitac.com >> your realtime captioner: linda marie macdonald >>> hi, everyone. good morning. it's our last friday of 2012! december 28th. i'm frank mallicoat. >> i'm michelle griego. time now is just about 4:30. let's start things off with a look at weather and traffic. i feel like i'm losing my voice. >> oh, no. >> i know. >> are you really? >> a little bit. >> you have so many visitors in town. >> i know! >> the entire state of colorado stayed at your house! >> you will have the weekend to rest your voice. >>> in the weather, we are getting a check of our high-def doppler radar. and it's quiet for now. but we are anticipating some big cha
. >>> coming up after your local news on "cbs this morning," an update on washington's fiscal cliff negotiations. we'll hear from republican senator bob corker, plus the damaging economic strikes looming at more than a dozen of our nation's forts. >>> a guy getting fit will sit with the best-selling authors of "fit" this year. that's the "cbs morning news" for this friday. thanks for watching. i'm duarte geraldino. have a great day. -- captions by...
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down about 83 points and everyone is blaming it on the fiscal cliff and watching washington and hoping they can find middle ground as we approach the ever impending dead line. well another sign that the housing market is improving the national association of realtors says pending home sales rose last month so it's highest level in two and a half years. pending sales rose nearly 2% in november and it's the third month in a row it has gone up. amazon says it had a very green christmas season. it announced it's 2012 holiday sales were the biggest ever. they had several record setting days including cyber monday when customers ordered 26 and a half million products. amazon isn't giving exact numbers but says sales of the kindle devices are it's top overall setters and says they set a record for digital downloads on christmas day and e reading is gaining popularity on all devices. nearly one quarter of all americans downloaded and read a book on an electronic reader this year up 7% from last year and the number of people reading traditional books dropped ♪[music] >> and powered by people
down about 83 points and everyone is blaming it on the fiscal cliff and watching washington and hoping they can find middle ground as we approach the ever impending dead line. well another sign that the housing market is improving the national association of realtors says pending home sales rose last month so it's highest level in two and a half years. pending sales rose nearly 2% in november and it's the third month in a row it has gone up. amazon says it had a very green christmas season. it...
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in the fiscal cliff negotiations. fair to reach a deal could push the u.s. economy into recession. the cethe uncertain see has taken a toll on markets. stocks were sold off for four straight sessions as hopes for a substantial budget agreement have diminished, and all three indexes are on track to end of december in negative territory. the dow was down 150 yester day but closed down just 18 points. after work week that investors in the house of representatives would be reconvening on sunday. >> amazon has announce this year's holiday sales as their biggest ever. consumers purchased 306 items per cent and on their peak day this season. amazons says that customers ordered 26 and a half million items on cyber monday. that's a new record for the online retailer. amazons set another record on christmas day for digital download. the kendall continues to dominate the web sites best sellers. the kendall fire 80 tablet leading the way. >> annual research study reveals that more americans are reading e. books than paper books.
in the fiscal cliff negotiations. fair to reach a deal could push the u.s. economy into recession. the cethe uncertain see has taken a toll on markets. stocks were sold off for four straight sessions as hopes for a substantial budget agreement have diminished, and all three indexes are on track to end of december in negative territory. the dow was down 150 yester day but closed down just 18 points. after work week that investors in the house of representatives would be reconvening on sunday....
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a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry
a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry
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nice to see you, sir. >> good to see you. >> the fiscal cliff, many people are back in washington. should the american people be angry at the processor is this how the legislative sausage is made and we should be more patient. >> i'm a little aeneid because i was here last week and we did nothing all week long. if the democrats have a proposal, why don't they put a proposal forward and see if the republicans can agree to t but they need to be part of the process and so far i haven't seen much give on the part of the democrats. >> the senate majority leader harry reid said the house is acting with the dictatorship of the speaker. he has a different view. >> i'm not sure what that means necessarily. but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? w
nice to see you, sir. >> good to see you. >> the fiscal cliff, many people are back in washington. should the american people be angry at the processor is this how the legislative sausage is made and we should be more patient. >> i'm a little aeneid because i was here last week and we did nothing all week long. if the democrats have a proposal, why don't they put a proposal forward and see if the republicans can agree to t but they need to be part of the process and so far i...
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president obama and congressional leaders will discuss the looming fiscal cliff tomorrow at the white house. elizabeth corridan has more. as the countdown to the deadline creeps closer. >> this washington it was an ominous, stone. with five days and counting until the u.s. economy will go over the fiscal cliff. >> this year, the american people are not waiting for the ball to drop. it is not going to be good. >> reporter: with no deal spending will be slashed and taxes will go of it could spark another recession. with this deadline approaching president obama and the senate will return and speak on sunday. >> certainly there is still time. >> reporter: point is still texas the want to extend the bush assured taxes except for the time making to water vicki thousand dollars per year ordered the sticking- point is still boyish-direct taxe bush-era of texas taxes >> and. nobody wants. to really work they just want to play the name game. >> putting over the edge that the scenario is allowing tax increases to take effect and on january 3rd, the lawmakers are going to be able to cut taxes. e
president obama and congressional leaders will discuss the looming fiscal cliff tomorrow at the white house. elizabeth corridan has more. as the countdown to the deadline creeps closer. >> this washington it was an ominous, stone. with five days and counting until the u.s. economy will go over the fiscal cliff. >> this year, the american people are not waiting for the ball to drop. it is not going to be good. >> reporter: with no deal spending will be slashed and taxes will go...
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despite what steve might tell you watching fiscal cliff nonsense in washington can make you feel powerless. our next guest is here with the tips on how to make -- take some of you power back. joining us is rick newman, chief business correspondent for "u.s. news & world report" and author of "rebounders." so tell us, what can the average person do to sort of thwart against the realities of the fiscal cliff? >> my first tip is just relax. it's not going to be armageddon right off the bat. i mean, it is worth pointing out we hear the humongous figures like $500 billion in tax increases and stuff like that. most of those will not affect people until it's time to fill out the tax returns and won't happen until 2014. say the tax rates go up, the government is not going to automatically withhold more money from the paycheck and the tax rates can be in effect for most of the year. we hope they're not but congress could rescind them toward the end of the year and one thing to affect you is the payroll tax cut, two percentage points and spoebed to be temporary anyway. >> rick, one of the suggestion
despite what steve might tell you watching fiscal cliff nonsense in washington can make you feel powerless. our next guest is here with the tips on how to make -- take some of you power back. joining us is rick newman, chief business correspondent for "u.s. news & world report" and author of "rebounders." so tell us, what can the average person do to sort of thwart against the realities of the fiscal cliff? >> my first tip is just relax. it's not going to be...
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according to a recent study, the fiscal cliff gridlock in washington has taken a tol. a new survey by the conference board shows levels in the first half of december falling to the lowest level since august. an unexpectedly sharp decline. the survey indicates that consumer anxiety stems from worries about the fiscal future and not from the current state of the economic. >> that's completely true. if you look at a lot of economic indicators they're good. the housing market is stabilizes and unemployment is ticks down. companies that have a lot of cash on balance sheets, but this december drop in can confidence, it's hard to think about what this would be about, if not the cliff. >> it's what you said. if you noted you may face thousands of dollars in increases if you're a married couple in taxes, if you're existing on unemployment insurance that may not be there in january, why would you go on a shoppi ping spree or shopping all if you can avoid it? people keep saying, well, it won't be that bad for long. that's according to how long you have money. if you're middle cla
according to a recent study, the fiscal cliff gridlock in washington has taken a tol. a new survey by the conference board shows levels in the first half of december falling to the lowest level since august. an unexpectedly sharp decline. the survey indicates that consumer anxiety stems from worries about the fiscal future and not from the current state of the economic. >> that's completely true. if you look at a lot of economic indicators they're good. the housing market is stabilizes...
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coming up, we're going to hear from the vocal players in washington awaiting today's fiscal cliff negotiations. that is our top story. then we'll remember stormin' norman schwarzkopf, one of the nation's best known warriors. while leading troops to battle, he's lost his battle with pneumonia. >>> blown away by an oncoming tornado. wait till you see the surveillance video. take a look. it was recorded outside an alabama store. and it shows, oh, my gosh, the powerful winds as inspectors assess the damage from the christmas storms. we'll have more of that coming up for you later. >>> and later this half hour, 'tis the season to see the holiday blockbuster films. i'm sure you've seen a few. we're going to reveal some money making secrets of movie theaters. you'll want to tune in and see how you can avoid them. >> how you can save a buck and a warning about some of the popcorn. >>> first, new details on the last-ditch effort to avoid the fiscal cliff. the president is meeting with top lawmakers today at the white house. >> underscoring that urgency, house speaker john boehner says the house will me
coming up, we're going to hear from the vocal players in washington awaiting today's fiscal cliff negotiations. that is our top story. then we'll remember stormin' norman schwarzkopf, one of the nation's best known warriors. while leading troops to battle, he's lost his battle with pneumonia. >>> blown away by an oncoming tornado. wait till you see the surveillance video. take a look. it was recorded outside an alabama store. and it shows, oh, my gosh, the powerful winds as inspectors...
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. >>> well, as the fiscal cliff looms, taxpayers are understandably keeping a close eye here in washington and others on their pocketbook across the country. many people believe that taxes are going to go up once the fiscal cliff is solved and how will the average american be affected by this? joining us now is gordon burnhart, a certified public accountant with burnhart wealth management. thank you for joining us. >> thank you, tom, how are you. >> so much of the uncertainty we heard from president leaves you to wonder what is the assessing in planning when you don't know about that in. >> and that is why that is important to plan. we have seen so much happen and people need to make sure they set aside the cash reserves and there is a lot of planning opportunities and investors need to work with an advisor to make sure that all of those unforseen things are addressed so they can help, again, protect families. >> and there is only three days left, two days weekend days. are there things folks can do as we head toward the deadline to protect themes in yo there are a few things. obviously, y
. >>> well, as the fiscal cliff looms, taxpayers are understandably keeping a close eye here in washington and others on their pocketbook across the country. many people believe that taxes are going to go up once the fiscal cliff is solved and how will the average american be affected by this? joining us now is gordon burnhart, a certified public accountant with burnhart wealth management. thank you for joining us. >> thank you, tom, how are you. >> so much of the...
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fiscal cliff. today, the president will meet with several congressional leaders at the white house to try to work out a deal. jennifer johnson has the latest. >> midafternoon. people in washington are now talking about a smaller deal getting done to try to prevent american from going over the fiscal cliff, but that deal will only be a temporary fix. all the major players are expected at the white house. senate leaders harry reid and its mcconnell, house leaders john boehner and nancy pelosi. it was a done with vice- president joe biden and president obama to work on a short time fixed for the crisis. >> i hope there is a deal that avoid the worst parts of the fiscal cliff, mainly taxes going up and middle-class people. i think the odds are better than they could be that people think. >> the agreement would include not only an extension of middle- class tax cuts but would also extend unemployment benefits for millions. >> tax increases need to be avoided, they can be. in the end, we will get a deal.
fiscal cliff. today, the president will meet with several congressional leaders at the white house to try to work out a deal. jennifer johnson has the latest. >> midafternoon. people in washington are now talking about a smaller deal getting done to try to prevent american from going over the fiscal cliff, but that deal will only be a temporary fix. all the major players are expected at the white house. senate leaders harry reid and its mcconnell, house leaders john boehner and nancy...
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regarding the fiscal cliff. there was little optimism on wall street. stocks fell for their fifth straight session. the dow, the dow fell below the 13,000 mark closing down 158 points. fiscal cliff anxiety sent the so-called fear index, the vix, soaring more than 14%. it is now up close to 30% this month. >>> barnes & noble was one of the few market bright spots today. the london-based pierson learning company is investing $89.5 million in barnes & noble nook media unit. shares rally more than 5% on that news. but we've got to get back to the top headline of the day, nada, zip, zilch. president obama needing with congressional leaders at the white house ended a short time ago and the president is reportedly giving no new offer on the fiscal cliff. the house minority leader said the meeting moved negotiations forward. so where do we actually stand on all of this? fox business's rich edson is at the white house with more and did they really move this forward and is that a good sign? what do they mean? >> well, ada
regarding the fiscal cliff. there was little optimism on wall street. stocks fell for their fifth straight session. the dow, the dow fell below the 13,000 mark closing down 158 points. fiscal cliff anxiety sent the so-called fear index, the vix, soaring more than 14%. it is now up close to 30% this month. >>> barnes & noble was one of the few market bright spots today. the london-based pierson learning company is investing $89.5 million in barnes & noble nook media unit. shares...
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. >> and the president back in washington with four days still to go before that so called fiscal cliff arrives. both sides trading blame today. >> also here, big change coming from people who park in san francisco. you can tell you won't like the news. >> if you're looking to buy a new car, now is a great time. i'll tell you why you n >>> another day closer to falling off the fiscal cliff. and from all appearances no compromise is in sight. today, the president returned to washington. he's sending lawmakers a scaled down plan to avoid that fiscal cliff. abc 7 mark matthews brings us up to speed on gridlock. >> sticking point continues to be tax cuts z in starting to look like no deal before the january 1 deadline. this may already be too late. five days until the fiscal cliff. hairy reid admitted a deal seems unlikely. >> i have to be honest. i don't know time wise how it can happen now. >> reid called john boehner a dictateor and paintin painting -- pointing blame on him. >> we're here in washington working. wile members of the house of representatives are out watching movies and watc
. >> and the president back in washington with four days still to go before that so called fiscal cliff arrives. both sides trading blame today. >> also here, big change coming from people who park in san francisco. you can tell you won't like the news. >> if you're looking to buy a new car, now is a great time. i'll tell you why you n >>> another day closer to falling off the fiscal cliff. and from all appearances no compromise is in sight. today, the president...
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. >> lawmakers return to washington. we teeter on the edge of the fiscal cliff. what going over sit going to koflt you. >>> we have late word from washington on whether heroes of the first gulf war, commander of the international coalition that drove iraqi forces out of kuwait under the first president bush has died. he was 78 years old. he died in tampa, florida where he retired after serving as commander in chief of the u.s. central kmanld. he was a decorated combat soldier in vietnam. and u.s. officials confirmed the death but did not say how he died. >> people across the mid west are digging out from a giant winter storm that forecasters are warning there are more storms on the way. most occurred on roadways from nebraska to ohio. the storm dumped record snowfall in parts of the mid west, causing record cold throughout the south. travelers advised to expect delays returning home from the holidays. nearly 3,000 flights have been cancelled and 600 cancelled just today n new york one flight skidded off the runway. im 20s far below normal making recovery efforts
. >> lawmakers return to washington. we teeter on the edge of the fiscal cliff. what going over sit going to koflt you. >>> we have late word from washington on whether heroes of the first gulf war, commander of the international coalition that drove iraqi forces out of kuwait under the first president bush has died. he was 78 years old. he died in tampa, florida where he retired after serving as commander in chief of the u.s. central kmanld. he was a decorated combat soldier in...
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thank you for joining us. >> the fiscal cliff is at our doorstep, the fate of our nation is in washington's hands. >> some final thoughts how to manage your money in these dicey times. i can't wait to hear what's going to be said as well, coming up. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. it's part of what you slove about her.essing. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not
thank you for joining us. >> the fiscal cliff is at our doorstep, the fate of our nation is in washington's hands. >> some final thoughts how to manage your money in these dicey times. i can't wait to hear what's going to be said as well, coming up. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney...
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on the fiscal cliff. so they know this is angering people and they know this is affecting people's fortunes and livelihoods. but what they don't want to do is give up on deeply held principles. and a lot of these house members got elected in districts that don't look anything like the rest of america. they're very extreme, gerrymandered districts in many case s with ca ca ca cases, and their own personal careers depend much more on how they're perceived back at home. so they don't necessarily care that this is one of the most unpopular congresses in recent history and one of the most unproductive congresses in recent history. they want to stick by their principles. >> it's true. and a lot of them say, eamon, i've been elected to be a check on the president and that's what a lot of this is about. >> right. this is deeply held, fundamental belief on both sides and there's a huge chasm between the two sides on these issues. and somebody's going to be a loser here if there's a deal. somebody's going to be per
on the fiscal cliff. so they know this is angering people and they know this is affecting people's fortunes and livelihoods. but what they don't want to do is give up on deeply held principles. and a lot of these house members got elected in districts that don't look anything like the rest of america. they're very extreme, gerrymandered districts in many case s with ca ca ca cases, and their own personal careers depend much more on how they're perceived back at home. so they don't necessarily...
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in other words, less than 48 hours before we go over the fiscal cliff. meanwhile, president obama cut his hawaii vacation short to return to washington today. but has he been working on a deal? "outfront" tonight, reports from both ends of pennsylvania avenue. chief white house correspondent, jessica yellin, and senior congressional correspondent, dana bash. jessica, first, to you, the president's back in washington, wheels down. he left his christmas vacation early. but was this just a bit of showmanship, or has he been working on something specific? >> reporter: hey, john. well, today has been a bit of a quiet day here at the white house. publicly, the president has been scarce, no sign of him. behind closed doors, i'm told a few meetings internally, but mostly, relatively quiet. i expect we will see more from the president, perhaps we could even see him publicly tomorrow. perhaps he could even meet with or talk to some of the congressional leaders. the president's role in all of this, he can get each of the leaders to come closer on what the white hou
in other words, less than 48 hours before we go over the fiscal cliff. meanwhile, president obama cut his hawaii vacation short to return to washington today. but has he been working on a deal? "outfront" tonight, reports from both ends of pennsylvania avenue. chief white house correspondent, jessica yellin, and senior congressional correspondent, dana bash. jessica, first, to you, the president's back in washington, wheels down. he left his christmas vacation early. but was this just...
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fiscal cliff. both sides are trading blame. >> warning tonight to anyone with closet full of skinny jeans. do you have some of jeans. do you have some of snos doctors now say they could >> free parking on sunday in san francisco coming to an end soon this coming sunday is the last sunday that residents and visitors alike will not have to feed the meter. carolyn tyler has the story. >>reporter: think about starting to plug the meters on sunday. >> that's awful. that's awful. >>reporter: since the first first meeter installed in san francisco on bush and polk street back in the 1940's sunday have been a one day break. but that longstanding policy is over. >> this is a new day as far as parking management. we have notice that 70% of all businesses are open in san francisco on sunday and we really need an effective parking management plan in place. >>reporter: now starting january sixth from noon to 6:00 p.m. of the 29,000 plus parking meters throughout the city operated by the man pal transportation a
fiscal cliff. both sides are trading blame. >> warning tonight to anyone with closet full of skinny jeans. do you have some of jeans. do you have some of snos doctors now say they could >> free parking on sunday in san francisco coming to an end soon this coming sunday is the last sunday that residents and visitors alike will not have to feed the meter. carolyn tyler has the story. >>reporter: think about starting to plug the meters on sunday. >> that's awful. that's...
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fiscal cliff. president obama and top congressional leaders will look for common ground to keep automatic tax increases and spending cuts from kicking in. they only have four days to reach an agreement or the u.s. economy will go over the so- called fiscal cliff. that's when automatic tax increases and spending cuts would take effect. reaching a deal before then what be easy. right now both sides are involved in a high-stakes political blame game. >> we in washington are working while the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president i would be happy to look at whatever he proposes but the truth is we're coming against a hard deadline here. i said this is a conversation we should have had months ago. >> former president george h. w. bush is still in intensive care at a hospital in houston with a stubborn fever. the family is, that he will be out of the i see you sound. the
fiscal cliff. president obama and top congressional leaders will look for common ground to keep automatic tax increases and spending cuts from kicking in. they only have four days to reach an agreement or the u.s. economy will go over the so- called fiscal cliff. that's when automatic tax increases and spending cuts would take effect. reaching a deal before then what be easy. right now both sides are involved in a high-stakes political blame game. >> we in washington are working while the...
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a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry
a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry
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it seems we have a logjam in washington over this voting on the fiscal cliff. the log jam seems to be on the democrat side. they should try to place the blame on republicans. harry reid can talk about mr. boehner. he sat over there for three years and has not passed a bill on his side of the aisle. i feel there is an imbalance in the thinking of the people of this country. if we do not get her mind straits, we're in for some deep problems. i am a conservative by nature. the culture and liberal left wing is running this country -- the ulta and liberal and left- wing is running this country. host: thank you for the call. 44% of voters think congressional republicans are to blame. 15% blame both sides equally. a lot of focus in new york. funding for hurricane sandy relief efforts totaling $60 billion. it is unlikely to be in the house. many are saying it is too expensive. "lock them up until they deal." we will continue our conversation on the fiscal cliff. damian paletta will be joining us from "the wall street journal" as negotiations resumed at 3:00 p.m. today
it seems we have a logjam in washington over this voting on the fiscal cliff. the log jam seems to be on the democrat side. they should try to place the blame on republicans. harry reid can talk about mr. boehner. he sat over there for three years and has not passed a bill on his side of the aisle. i feel there is an imbalance in the thinking of the people of this country. if we do not get her mind straits, we're in for some deep problems. i am a conservative by nature. the culture and liberal...
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only five days until we go tumbling over the "fiscal cliff." president obama is supposed to meet with congressional leaders tomorrow. cbs reporter danielle nottingham is in washington and danielle, how's it looking? >> reporter: well, elizabeth, there was not a lot of optimism on capitol hill today. both senate leaders admitting that congress is facing a hard deadline while at the same time, blaming each other for not having a deal in place by now. president obama cut short his holiday vacation and returned to the white house to work on a deal to avoid the "fiscal cliff." before flying home from hawaii, the president called congressional leaders nancy pelosi, john boehner, mitch mcconnell and harry reid to reach agreements before tax hikes and spending cuts kick in january 1. >> we have been asking the president and the democrats to work with us on a bipartisan agreement for months. >> i don't know time wise how it can happen now. >> reporter: the senate majority leader wants house republicans to return from their vacations to approve a democra
only five days until we go tumbling over the "fiscal cliff." president obama is supposed to meet with congressional leaders tomorrow. cbs reporter danielle nottingham is in washington and danielle, how's it looking? >> reporter: well, elizabeth, there was not a lot of optimism on capitol hill today. both senate leaders admitting that congress is facing a hard deadline while at the same time, blaming each other for not having a deal in place by now. president obama cut short his...
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coming up, beyond the fiscal cliff, 90 new members of congress are on the way to washington and the new year. we're going to what the new makeup of capitol hill will mean for taxes, spending and everything else. this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> welcome back to "squawk box." in the headlines this morning, as the fiscal cliff approaches congressional leaders a
coming up, beyond the fiscal cliff, 90 new members of congress are on the way to washington and the new year. we're going to what the new makeup of capitol hill will mean for taxes, spending and everything else. this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your...
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meet with leaders tomorrow as the clock ticks towards the fiscal cliff. the president returned to washington, d.c. this morning. he was called to pass a scaled back agreement to keep taxes from going up. the senate went back into session today. leaders accused each other of standing in the way of a deal. >> you can't legislate with yourself. we have nobody to work with. compromise. >> republicans aren't about to write a blank check just because we find ourselves at the edge of the cliff. >> the house will convene on sunday. republicans already refused to take a vote on speaker of the house john speaker of the house john boehner's plan. with no deal in the works you are likely to see a smaller pay check. ktvu's consumer editor tom vacar joins us to detail what it will cost taxpayers. >> reporter: indeed, more than a cliff for some. >> reporter: for more and more americans, the fiscal cliff is being viewed as a failure of government. >> they are on vacation, doing whatever they are doing. they don't care. >> i just don't think they will ever come to an agre
meet with leaders tomorrow as the clock ticks towards the fiscal cliff. the president returned to washington, d.c. this morning. he was called to pass a scaled back agreement to keep taxes from going up. the senate went back into session today. leaders accused each other of standing in the way of a deal. >> you can't legislate with yourself. we have nobody to work with. compromise. >> republicans aren't about to write a blank check just because we find ourselves at the edge of the...
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economy would go off a fiscal cliff. that's when automatic spending increases and spending cuts would take effect. -- a deal will not be easy, because both sides are involved in a high-stakes political blame game. >> we are here in washington working while the members of the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president we would be happy to look at whatever he proposes. the truth is we are coming up against a hard deadline. this is a conversation we should have had months ago. clerk democrats want to extend bush-era tax cuts to everyone except those americans making to a hundred $50,000 or more per year. many republicans are against any tax increases. -- democrats want to extend bush-era tax cuts to everyone except those americans making $250,000 per year. >> d.c. mayor vincent gray says the christmas eve killing on capitol hill is a rallying cry to put more police on the streets in city neighbo
economy would go off a fiscal cliff. that's when automatic spending increases and spending cuts would take effect. -- a deal will not be easy, because both sides are involved in a high-stakes political blame game. >> we are here in washington working while the members of the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president we would be happy to look at whatever...
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the dow is not too happy with all of this fiscal cliff stuff. stocks trading lower as investors lose confidence in washington's ability to reach a deal. on fiscal cliff. you can see the dow is down about 60 points right now. hovering just above the 13,000 mark. >>> well risking life and limb to save a man and a dog from an icy lake. plus a look at the top stories of the year involving news media. those stories just ahead. jon: well, another big year for news with some major headlines involving the news media. let's talk about the big stories of this year just ending. christie setzer is president of new heights communication. she was spokesperson for vermont governor howard dean. cal thomas a syndicated columnist and fox news contributor. cal, start with you. when it cops to media mistakes, missteps, whatever, what's the big story of the year now ending? >> oh, golly there were so many, jon. during the republican presidential primaries you saw newt gingrich taking on the host of that debate. republicans never lose when they take on the media. but
the dow is not too happy with all of this fiscal cliff stuff. stocks trading lower as investors lose confidence in washington's ability to reach a deal. on fiscal cliff. you can see the dow is down about 60 points right now. hovering just above the 13,000 mark. >>> well risking life and limb to save a man and a dog from an icy lake. plus a look at the top stories of the year involving news media. those stories just ahead. jon: well, another big year for news with some major headlines...
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even so there is economic proof that many americans still fear going over the fiscal cliff. i'll have more on that in my next update. live in washington kyla campbell ktvu channel 2 news. >>> analysts say if the country goes over the fiscal shift it could send the economy back if into a recession. >>> secretary of state hillary clinton is expected to return to work next week. a specksman for clinton says she continues to recooperate at home. doctors say clinton contracted a stomach virus earlier this month and became dehydrated and fainted. >>> the sonoma county sheriffs office will continue its search today for a possible plane crash. an eyewitness reported seeing smoke coming from a distressed aircraft in the hills. search crews combed that area but have found nothing. >>> the military is investigating a fighter jet that went down near fresno know. the plane crashed during a routine training mission yesterday afternoon. that about 100 east of fresno. the jet was flying between 12,000 own 15,000 feet at the time of the emergency. and the pilot ejected safely. >> there are n
even so there is economic proof that many americans still fear going over the fiscal cliff. i'll have more on that in my next update. live in washington kyla campbell ktvu channel 2 news. >>> analysts say if the country goes over the fiscal shift it could send the economy back if into a recession. >>> secretary of state hillary clinton is expected to return to work next week. a specksman for clinton says she continues to recooperate at home. doctors say clinton contracted a...
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. >> for more on the fiscal cliff and what it could moon for your pay, we got you covered. just head to our home page for a breakdown of different scenarios in washington, what it could moan for your money. for more on the fiscal cliff and a heated debate, check out an all brand-new episode of square off. the round table discussion airs right here on abc2 at 11 on sunday morning. >>> continuing coverage in the planned port strike. dock workers have been working on an expired contract. today the u.s. marry time alines and the long shoring association have agreed to a 30 day extension allowing for more time to negotiate a new deal. a major sticking point will have to be cleared up by january 28. it involves royalty payments for members based on each container they unload. >>> an early morning shootout at a new jersey police headquarters left three officers with wounds. >> how the suspect managed to get one of the officer's weapons. >> reporter: police raced to headquarters about 5:30 this morning responding to reports of gunfire. a man was brought into the station on domestic
. >> for more on the fiscal cliff and what it could moon for your pay, we got you covered. just head to our home page for a breakdown of different scenarios in washington, what it could moan for your money. for more on the fiscal cliff and a heated debate, check out an all brand-new episode of square off. the round table discussion airs right here on abc2 at 11 on sunday morning. >>> continuing coverage in the planned port strike. dock workers have been working on an expired...